September 2013 Quarterly Report detailing exploration activities including copper and nickel drilling, gold target generation, corporate activites and exploration outlook

1. Quarterly Report
For the Period Ending 30 September 2013
Highlights
Copper Exploration – Northern Territory
•
Drilling has intersected zones of copper, and / or copper – zinc anomalism which continue to highlight the
base metal prospectivity of the East Arunta Project Area.
•
Strategic review underway to determine next steps.
Nickel Exploration – Northern Territory
•
Drilling underway to test new nickel-copper-PGE targets with aeromagnetic survey to identify new drill
targets also to commence mid-October.
•
All work being sole funded and operated by MMG Exploration – Mithril’s nickel JV partner.
•
MMG expands its nickel search area with new Harts Range Option and Joint Venture - MMG to earn up to
90% interest in Exploration Licence 25453 currently held by Mithril (60%) and Oklo (40%) by completing
expenditure of $5M over 6 years.
Gold Exploration – Western Australia
•
Logan’s Find identified as priority high-grade gold target at West Kambalda with recent rock chip sampling
returning up to 11.1g/t gold.
Exploration Outlook
•
December 2013 Quarter focus will be a strategic review of the East Arunta Project Area, the completion of
MMG’s nickel drilling and aeromagnetic programs, and auger geochemical sampling of priority gold
targets throughout the West Kambalda Project Area.
Corporate
•
Share placement to clients of Lead Manager BW Equities Pty Ltd, including a number of existing major
shareholders, raises $0.85M.
Cash
•
Cash reserves of $2.32M at 30 September 2013.
58 King William Road
Goodwood, South Australia, 5034
www.mithrilresources.com.au
T: (61 8) 8378 8200
F: (61 8) 8378 8299
E: admin@mithrilresources.com.au
ASX Code:
MTH
Issued Shares: 252,557,750
Market Capital: A$3.28million
Page 1 of 8

2. Overview
Mithril Resources Ltd (Mithril / The Company) has a portfolio
of high-quality mineral exploration projects located within the
emerging and proven mineral provinces of Australia.
The Company is exploring for economic copper mineralisation
within the highly prospective and relatively under-explored
East Arunta Province, Northern Territory (East Arunta Project
Area) and for gold mineralisation within the richly endowed
Eastern Goldfields of Western Australia (West Kambalda
Project Area) (Figure 1).
Through its nickel joint venture partner, MMG Exploration Pty
Ltd, the Company is also exploring for economic nickelcopper-PGE mineralisation within portions of the East Arunta
Project Area.
Figure 1: Project Location Plan
Exploration activities undertaken during the September 2013 Quarter comprised the drilling of priority copper
targets throughout the East Arunta Project Area and rock chip sampling of priority gold targets throughout the
West Kambalda Project Area. Subsequent to the Quarter, MMG Exploration commenced a nickel drilling program
within the eastern portion of the East Arunta Project Area.
Corporate
During the Quarter, the Company raised $0.85 million (before costs) through a share placement to clients of Lead
Manager BW Equities Pty Ltd, including a number of existing major shareholders.
The placement, comprising 32.9 million fully paid ordinary shares at an issue price of 2.6 ($0.26) cents per share,
was made to sophisticated investors eligible under s.708 of the Corporations Act (2001).
The placement was made in accordance with the Company’s available 15% placement capacity pursuant to ASX
Listing Rule 7.1. The new shares rank equally with existing Mithril ordinary shares quoted on the ASX and
following completion Mithril now has a total issued capital of 252.5 million shares.
During the Quarter, the Company also issued 2,050,000 unlisted options to employees as an incentive and in
accordance with the Company’s Employee Share Option Scheme. The unlisted options have an exercise period of
5 years with no vesting conditions at an exercise price of $0.05.
Copper Exploration – Northern Territory
During and subsequent to the Quarter, the Company completed an RC drilling program testing six outcropping
and shallow copper targets (Mini Me West, El Gordo, Ivana, Harry Creek, Red Rock Bore, and Coles Hill North) at
its East Arunta Project Area which is located immediately north and east of Alice Springs in the Northern Territory
(Figures 1 and 2).
Copper, and / or copper – zinc anomalism was intersected at all but one of the targets (refer ASX release dated
17/10/2013).
Given the relative immaturity of the project area, and the typically broad spaced nature of the drilling, the results
continue to highlight the base metal prospectivity of the East Arunta Project Area. This is reinforced by the
presence of additional copper targets (separate to those recently drilled) requiring further geophysical work to
bring them to a “drill ready” stage.
The Company is currently undertaking a strategic review to determine the next steps for the project area.
Page 2 of 8

3. Figure 2: East Arunta Project Area Location Plan
Nickel Exploration – Northern Territory
Huckitta Nickel Joint Venture (MMG earning up to 80% of the Nickel Rights) and Harts Range Option
and Joint Venture (MMG earning up to 90%)
Subsequent to the Quarter, Mithril‘s nickel joint venture partner – MMG Exploration Pty Ltd (“MMG”),
commenced a sole-funded 2,400 metre nickel RC drilling program within the eastern portion of the East Arunta
Project (Figure 2).
The drilling will test a number of recently identified aeromagnetic features that may represent previously
unrecognised nickel – copper – PGE bearing mafic intrusions and is being carried out under the terms of the
Huckitta Nickel Joint Venture.
The commencement of drilling signals the continuation of a major nickel exploration campaign sole funded and
managed by MMG with a high resolution aeromagnetic survey to identify new nickel drill targets over an
adjoining tenement area (Figure 2) also to commence in mid-October 2013.
The aeromagnetic survey is being carried out under the terms of the new Harts Range Option and Joint Venture
which was executed during the Quarter. Under the terms of this new agreement, MMG can earn up to a 90%
interest in Exploration Licence 25453 (including all minerals) which is currently held by Mithril (60%) and Oklo
Resources Limited (40%) by completing expenditure of $5 million over 6 years.
Page 3 of 8

4. Gold Exploration – Western Australia
Rock chip sampling and geological mapping undertaken by the Company during the Quarter throughout the West
Kambalda Project Area has identified the Logan’s Find area as a priority target for the discovery of near surface
economic high-grade gold mineralisation (Figure 3).
This work identified multiple +1g/t gold (from rockchip
samples) from the Logan’s Find area including four
samples returning between 2.3g/t and 11.1 g/t gold
(Samples LF0101, LF0103, LF0120, and LF0125).
At Logan’s Find, gold mineralisation is associated with
weakly sulphidic quartz-carbonate veining, silicification
and biotite alteration developed along sheared
lithological contacts within a north-northwest trending
belt of ultramafic and mafic rocks.
Historical shafts and old workings together with strong
surface gold (+100ppb) anomalism clearly defines a
prospective gold zone over 1.5 kilometres strike length
and up to 200 metres wide (at surface) in size along the
north-northwest trend. Geological mapping suggests that
there are multiple parallel gold lode positions developed
within the broader zone.
Historically, 16 shallow wide spaced reverse circulation
holes have been drilled throughout the zone with better
intercepts including:
•
•
•
6m @ 1.65g/t gold from 30 metres in 04HFRC005
including 2m @ 3.08g/t gold from 32 metres,
3m @ 2.81g/t gold from 20 metres in HFP-4
including 1m @ 4.75g/t gold from 22 metres, and
3m @ 2.70g/t gold from 41 metres in HFP-5
including 1m @ 4.94g/t gold from 41 metres.
Figure 3: West Kambalda Project Area Location Plan
Significantly the zone has not been drill tested at depth (below 50 metres vertical) and remains completely open
(with no effective surface sampling and / or drilling completed) along strike to the north and south by around
900 metres and 2 kilometres, respectively.
Mithril will commence testing the along strike potential with an auger geochemical sampling program to
commence late October 2013. The auger sampling will also be undertaken over a number of priority gold targets
elsewhere throughout the project area.
Logan’s Find lies within the Spargoville Gold Project which is subject to a Farm-in and Joint Venture Agreement
with KalNorth Gold Mines Limited (ASX: KGM) whereby Mithril can to earn up to an 80% interest by completing
expenditure of $2 million over 4 years.
Page 4 of 8

5. Investments
Mithril is the largest shareholder in Musgrave Minerals Limited (ASX: MGV) with 9.28 million shares and 2.5
million options. Mithril vended tenements into Musgrave Minerals as part of their successful IPO that was
completed on April 29th, 2011.
Musgrave recently announced the discovery of a new nickel – copper – PGE gossan at the Smeagol prospect in the
Musgrave District of South Australia. The gossan is coincident with a nickel-copper soil geochemical anomaly and
mapped over a strike length of 110 metres with encouraging peak values in surface rock-chip samples of 0.23%
nickel, 0.17% cobalt and 220ppb platinum + palladium. Musgrave also announced the granting of the highly rated
Pallatu tenement at Deering Hills where ground electromagnetic surveys have just commenced in preparation for
drilling in the December 2013 Quarter.
At Menninnie Dam, Musgrave is continuing to define targets through surface geochemistry and geological
mapping for drill testing in the December 2013 Quarter.
Outlook
The focus of activity for the December 2013 Quarter will be the strategic review of the East Arunta Project Area,
the completion of MMG’s nickel drilling and aeromagnetic programs, and auger geochemical sampling of priority
gold targets throughout the West Kambalda Project Area.
David Hutton
Managing Director
Notes Specific – East Arunta Project Area
About the East Arunta Project Area
The East Arunta Project Area (“East Arunta”) is prospective for the discovery of economic base metal (copper, nickel, silver,
lead and zinc) mineralisation and incorporates the 4,083 kms² Huckitta Project and wholly – owned 992 kms² Yambah
Project.
East Arunta is located immediately north and east of Alice Springs in the Northern Territory (Figures 1 and 2) and represents
a significant greenfields exploration portfolio within the rapidly emerging, and relatively underexplored Eastern Arunta
Province of the Northern Territory.
Significant mineral occurrences within the province includes the Company’s Basil Copper Deposit (Inferred Resource of
26.5Mt @ 0.57% copper, 0.05% cobalt), Kentor Gold Limited’s (ASX: KGL) Jervois Copper – Silver – Gold Project, and Kidman
Resources Limited’s (ASX: KDR) Home of Bullion Copper Project.
The Basil Copper Deposit Inferred Mineral Resource of 26.5Mt @ 0.57% copper, 0.05% cobalt has been calculated using a
0.3% copper cut-off grade. The Resource is composed of both interpolated and extrapolated resources and has been
reported in accordance with the JORC Code (2004) and JORC/ASX Companies Update Number 03/07. Refer to ASX
Announcement dated 21 March 2012 for further information.
In addition to 100% - owned tenements, Mithril has three joint ventures covering approximately 70% of the East Arunta
Project Area.
Page 5 of 8

6. 1. Sammy Joint Venture (MTH – 80% / CAZ – 20%)
The joint venture covers two tenements (EL’s 25643 and 25653) in the south eastern portion of the project area and is the
current focus of the Company’s copper exploration efforts. The joint venture is between Mithril Resources (80% and
operator) and Sammy Resources Pty Ltd (20%), a wholly owned subsidiary of ASX-listed Cazaly Resources Ltd (ASX: CAZ) with
both parties funding the JV on a pro-rata basis.
The Sammy Joint Venture is separate from any other joint venture with MMG.
2. Huckitta Nickel Joint Venture (MMG earning up to 80% Nickel Rights)
MMG can earn up to 80% of the nickel rights on the following Mithril tenements (EL’s 26942, 27178, 27243, 27435, 27662,
28336, 28471, and 28501) at Huckitta, by completing expenditure of $4 million and a Pre–Feasibility study on a JORC
Indicated Mineral Resource. MMG must spend a minimum of $1.5 million by 31 October 2013. If MMG doesn’t satisfy this
requirement then it is obliged to pay Mithril the difference between actual expenditure and the $1.5 million.
3. Harts Range Option and Joint Venture (MMG earning up to 90%)
Under the terms of the Agreement:
• MMG can earn up to a 90% interest in Exploration Licence 25453 (and all minerals) by completing staged expenditure of
$5 million over 6 years. The tenement is currently held by Mithril Resources Limited (60%) and Oklo Resources Limited
(40%).
• MMG may withdraw from the joint venture by giving 30 days’ notice to Mithril and Oklo subject to MMG completing an
aeromagnetic survey over the tenement and reimbursing both Mithril and Oklo for rental fees paid by them as at March
2013.
• If MMG withdraws from the joint venture, MMG’s current and future rights will cease and it will have no further interest
in the tenement. If MMG has earned an interest in the tenement, it must transfer that interest to Mithril and Oklo for $1.
• Within 60 days of MMG earning 90%, Mithril and Oklo may elect to contribute to ongoing expenditure on a pro rata
basis (i.e. Mithril – 6%, and Oklo – 4%) or convert their respective interests to a net smelter return royalty (i.e. Mithril –
0.9% NSR, and Oklo – 0.6% NSR)
The Option and Joint Venture Agreement is conditional upon Mithril and Oklo obtaining the renewal of EL25453, MMG
obtaining all relevant authorisations under the Northern Territory Minerals Titles Act, Board approval by all parties, and
MMG satisfactorily completing due diligence on the tenement. If the conditions precedents are not satisfied or waived within
90 days after the date of the Option and Joint Venture Agreement commencement, then any party may terminate the
Agreement by giving notice in writing to the other parties.
Page 6 of 8

7. Notes Specific – Mithril Resources Tenement Schedule
State
Project Area
Project
Tenement
Company Interest
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
East Arunta
East Arunta
East Arunta
East Arunta
East Arunta
East Arunta
East Arunta
East Arunta
East Arunta
East Arunta
East Arunta
East Arunta
East Arunta
East Arunta
East Arunta
East Arunta
East Arunta
East Arunta
East Arunta
East Arunta
East Arunta
East Arunta
East Arunta
East Arunta
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
Other
Other
Other
Other
Huckitta
Huckitta
Huckitta
Huckitta
Huckitta
Huckitta
Huckitta
Huckitta
Huckitta
Huckitta
Huckitta
Huckitta
Huckitta
Huckitta
Huckitta
Mt Mabel
Mt Mabel
Mt Mabel
Neutral Junction
Yambah
Yambah
Yambah
Yambah
Yambah
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
West Kambalda
East Pilbara
East Pilbara
East Pilbara
West Pilbara
EL28335
EL28369
EL25453
EL30005
EL26942
EL27178
EL27243
EL27435
EL27662
EL28336
EL28471
EL28501
EL25643
EL25653
ELA29931
EL29638
EL29639
EL29801
EL24253
EL28175
EL28271
EL28349
EL29501
EL29502
P15/4876
P15/4877
P15/4878
P15/4879
P15/4880
P15/4881
P15/4882
P15/4883
P15/4886
P15/5763
PLA15/5791
E15/1174
M15/1806
P15/4801
P15/4802
P15/5216
P15/5236
P15/5264
P15/5392
P15/5409
P15/5494
P15/5537
P15/5545
P15/5546
P15/5547
P15/5548
P15/5766
P15/5772
E45/3457
E45/3680
E45/3973
E47/2258
MTH - 100%
MTH - 100%
MTH - 60% / OKU - 40% (Harts Range JV)
MTH - 60% / OKU - 40% (Harts Range JV)
MTH - 100%
MTH - 100%
MTH - 100%
MTH - 100%
MTH - 100%
MTH - 100%
MTH - 100%
MTH - 100%
MTH - 80% - CAZ - 20% (Sammy JV)
MTH - 80% - CAZ - 20% (Sammy JV)
MTH - 100%
MTH - 100%
MTH - 100%
MTH - 100%
MTH - 33.3% (Neutral Junction JV)
MTH - 100%
MTH - 100%
MTH - 100%
MTH - 100%
MTH - 100%
MTH - 100% excluding nickel rights
MTH - 100% excluding nickel rights
MTH - 100% excluding nickel rights
MTH - 100% excluding nickel rights
MTH - 100% excluding nickel rights
MTH - 100% excluding nickel rights
MTH - 100% excluding nickel rights
MTH - 100% excluding nickel rights
MTH - 100% excluding nickel rights
MTH - 100%
MTH - 100% excluding nickel rights
MTH earning up to 80% (Spargoville JV)
MTH earning up to 80% (Spargoville JV)
MTH earning up to 80% (Spargoville JV)
MTH earning up to 80% (Spargoville JV)
MTH earning up to 80% (Spargoville JV)
MTH earning up to 80% (Spargoville JV)
MTH earning up to 80% (Spargoville JV)
MTH earning up to 80% (Spargoville JV)
MTH earning up to 80% (Spargoville JV)
MTH earning up to 80% (Spargoville JV)
MTH earning up to 80% (Spargoville JV)
MTH earning up to 80% (Spargoville JV)
MTH earning up to 80% (Spargoville JV)
MTH earning up to 80% (Spargoville JV)
MTH earning up to 80% (Spargoville JV)
MTH earning up to 80% (Spargoville JV)
MTH earning up to 80% (Spargoville JV)
MTH - 100%
MTH - 100%
MTH - 100%
MTH - 100%
Page 7 of 8

8. ENDS
For Further Information Contact:
Competent Persons Statement:
Mithril Resources Ltd
David Hutton, Managing Director
admin@mithrilresources.com.au
The information in this report that relates to Exploration Results and Mineral Resources
is based on information compiled by Mr David Hutton (Managing Director), who is a fulltime employee of the Company and a Fellow of the Australasian Institute of Mining and
Metallurgy (AusIMM). Mr D Hutton has more than five years’ experience which is
relevant to the style of mineralisation and type of deposit under consideration and to
the activity which he is undertaking to qualify as a Competent Person as defined in the
2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves”.
58 King William Road
Goodwood, South Australia 5034
ABN: 30 099 883 922
T: (61 8) 8378 8200
F: (61 8) 8378 8299
www.mithrilresources.com.au
Mr Hutton consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.
About Mithril Resources Ltd:
Mithril Resources Ltd is an Australian exploration company exploring for the next
generation of mineral deposits within the emerging Eastern Arunta Province (Northern
Territory) and the proven Eastern Goldfields (Western Australia). Mithril is a frontier
explorer with a small but highly experienced team based in Adelaide. Combining
advanced technology with a proven field-based approach ensures the bulk of the
company’s expenses go directly into the ground.
Page 8 of 8